According to Russia Today, "Russia, the world’s second-largest producer of natural gas, has launched its first auction of natural gas on Friday at the St. Petersburg International Mercantile Exchange (SPIMEX). It will be Europe’s largest natural gas trading post."

Russian Deputy Energy Minister Kirill Molodstov is quoted as saying that, "Our mission was to create the conditions to ensure these auctions were executed. At the St. Petersburg Stock Exchange, we plan to start organized gas trading. This is a fairly lengthy process.Before, there were preliminary algorithms associated with trading platforms that Gazprom put together. Our task now is that these are acceptable to all.”

As reported by RT, "The project is intended to create a more competitive market for natural gas prices, which at present are more-or-less tied to oil. Now, independent producers will have access to a broader range of buyers. The exchange will facilitate up to 35 billion cubic meters of gas annually, with Gazprom, Russia’s largest producer, maintaining the right to sell a half of that, and independent producers the remaining 17.5 billion cubic meters."

The St. Petersburg Natural Gas Exchange will soon be open for daily and weekly trading.